Legal & Regulatory

DIPP to Process All Single-Brand Retail Proposals Within 90 Days

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The Department of Industrial Policy and Promotion (DIPP) has set a 90 day maximum time frame to process all outstanding FDI proposals in single-brand retail.

Under fire for delaying 13 applications to open single-brand retail outlets from several major foreign retailers including Forever 21, Furla and Swarovski, the DIPP is now attempting to fast-track its approval process to avoid further criticism.

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Political Contributions in India: A Guide for Foreign Companies

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DELHI – While laws governing political contributions in the United States and Europe are relatively straightforward, restrictions in India are slightly more complex and effectively prohibit political parties and candidates from accepting contributions from foreign individuals and firms.

Initially governed by the Foreign Contribution Regulation Act, 1976 and Prevention of Money Laundering Act, 2002, foreign political contributions are now principally governed by the Foreign Contribution Regulation Act, 2010 (FCRA 2010).

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India Mulls Scrapping 30 Percent Domestic Sourcing Requirement

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DELHI – India’s Department of Industrial Policy and Promotion (DIPP) is reportedly considering scrapping the 30 percent domestic sourcing requirement in single-brand retail.

According to India’s Ministry of External Affairs, the move could yield higher foreign investment (FDI) inflows by allowing high-end and high-tech brands to enter the Indian market without being required to source goods locally.

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India’s Import Policy: Procedures and Duties

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The following is an excerpt from the July 2014  edition of India Briefing Magazine, titled “Passage to India: Selling to India’s Consumer Market.

IB 2014 03 issue_illustration artIn India, the import and export of goods is governed by the Foreign Trade (Development & Regulation) Act, 1992 and India’s Export Import (EXIM) Policy. India’s Directorate General of Foreign Trade (DGFT) is the principal governing body responsible for all matters related to EXIM Policy, and new guidelines on Foreign Trade Policy (FTP) are expected to be released soon to replace previous FTP guidelines that expired in March 2014.

Importers are required to register with the DGFT to obtain an Importer Exporter Code Number (IEC) issued against their Permanent Account Number (PAN), before engaging in EXIM activities. After an IEC has been obtained, the source of items for import must be identified and declared. The Indian Trade Classification – Harmonized System (ITC-HS) allows for the free import of most goods without a special import license. Certain goods that fall under the following categories require special permission or licensing

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New Foreign Investment Proposal Checklist Released in India

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DELHI – India’s Department of Industrial Policy and Promotion (DIPP) has released a new document checklist for submitting proposals to the Foreign Investment Promotion Board (FIPB).

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Investors Push for Changes to India’s Companies Act 2013

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DELHI – As Narendra Modi takes charge as Prime Minister, Indian businesses and foreign investors are pushing for a review of several provisions in the Companies Act 2013.

Last year, the Companies Act 2013 replaced the Companies Act 1956, stipulating updated regulations for incorporation, responsibilities within a company and the dissolution process. The new 2013 version of the Companies Act (effective April 1, 2014) incorporates a number of changes including the introduction of new definitions, raising the number of members in a private company from 50 to 200 and modifications to the roles and standards that independent directors must maintain, among others.

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MoF Releases New Foreign Exchange Rate for Imported and Exported Goods

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India’s Ministry of Finance (MoF) has released new guidelines regarding the rate of foreign exchange for calculating customs duties on goods being imported and exported from the country.

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India Extends Excise Duty Cuts on Vehicles and Capital Goods

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DELHI – India’s Ministry of Finance (MoF) has officially extended existing duty concessions on several items including vehicles, capital goods and consumer durables to December 31, 2014.

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